Corporate Update
Max Estates Director and Chief Corporate Affairs Officer Dharmender Kumar Resigns
Max Estates Limited has announced the resignation of Dharmender Kumar, its Director and Chief Corporate Affairs Officer, effective close of business on 21 October 2026. He is leaving to pursue a new professional opportunity, and no successor has been named as of 23 October 2026.
| Executive | Dharmender Kumar, Director and Chief Corporate Affairs Officer |
|---|---|
| Effective date of resignation | 21 October 2026, close of business hours |
| Filing time stamp | 21 October 2026, 19:00 hrs IST |
| Stated reason | Pursuing a new professional opportunity |
| Regulatory basis | Regulation 30, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |
| Appointed to current role | Effective 1 November 2025; Board approval on 30 October 2025 |
| Company headquarters | Noida, Uttar Pradesh (registered office in New Delhi) |
| Successor | No successor named as of 23 October 2026 |
What happened
Max Estates Limited announced that Dharmender Kumar has resigned from his posts as Director and Chief Corporate Affairs Officer. The resignation is effective from the close of business hours on 21 October 2026. The disclosure is time-stamped 21 October 2026 at 19:00 hrs IST.
The company said Mr. Kumar is leaving to pursue a new professional opportunity. The company's statement thanked him for his services and acknowledged his contribution to the organisation.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A summary of the filing says the full reasons are set out in attached annexures.
Who he is and the role he held
Mr. Kumar held a dual role as Director and Chief Corporate Affairs Officer and was a member of the company's senior management team. The Board approved his appointment on 30 October 2025, effective 1 November 2025.
Before joining Max Estates, he was Director and Head of Group Corporate Affairs at The Max Group from October 2022. Earlier, he was Group Head of External Relations at Max India Limited from January 2010 to October 2022. His background is in corporate affairs and policy advocacy.
Company context and recent leadership changes
Max Estates is the real estate development arm of the Max Group. It was incorporated in 2016 and is headquartered in Noida. Sahil Vachani is Vice Chairman and Managing Director, and Nitin Kansal is Chief Financial Officer.
Mr. Kumar's exit is the latest in a series of senior changes:
- Rishi Raj, Chief Operating Officer, left with his last working day on 30 September 2025.
- Anthony Ramsey Malloy resigned from the Board effective 22 May 2026 following his retirement. Jillian Leigh Moo-Young was appointed as an additional director, and Benjamin Scott Greene as her alternate director.
- Vikram Vij, Head of Digital and IT, resigned on 3 May 2026 to pursue a new professional opportunity. His resignation was accepted effective 30 July 2026.
The company has named Deloitte Touche Tohmatsu India LLP as its internal auditor for FY2026-27.
Open GST notice
On 8 October 2026, Max Estates disclosed through a Regulation 30 filing that it had received a GST show-cause notice dated 26 September 2026 from Uttar Pradesh tax authorities. The notice proposes a combined demand of Rs 2.59 crore for FY23. According to a breakup reported by a listing site, the demand comprises tax of Rs 1.35 crore, interest of Rs 97.25 lakh and a penalty of Rs 26.65 lakh. The company stated that the notice has no current impact on its operations or business activities.
Projects and assets in the background
Max Towers in Noida Sector 16B is an operating asset of the company.
Max One, Sector 16B, Noida. The company received RERA approval (UPRERA No. UPRERAPRJ9759) for Max One, a mixed-use development in Sector 16B, on 7 March 2026. The company estimates total sales potential of around ₹2,000 crore and annual rental income potential of about ₹120 crore. The project was earlier known as Delhi One, and NCLT approval for it was reported in October 2024.
Estate 105, Sector 105, Noida. The company launched Estate 105 in March 2026. It is a residential community of 270 homes on 10.33 acres, with a gross development value of ₹3,000 crore.
For the year ended FY26, the company reported pre-sales of ₹5,305 crore, according to a listings-site figure.
What it means for buyers and investors
- For buyers: The filing ties the exit to a personal career move and states that the GST notice has no current impact on operations. Buyers of Max One or Estate 105 should check the RERA registration details for each project directly, since those details are set out in the project approvals and not in the executive announcement.
- For investors: The corporate affairs role sits within the senior management team, and the company has not named an interim or permanent replacement as of 23 October 2026. Investors tracking governance should note the cumulative number of senior exits in the past year, alongside the open tax demand.
What comes next
The company has not yet named a successor. The response to the GST show-cause notice and any further Regulation 30 disclosures will be the next items to watch. On the project side, the company's 7.25-acre Sector 59 project in Gurugram, with a gross development value of more than ₹3,900 crore, is targeted for launch in the fourth quarter of FY27, which runs to March 2027.
Frequently asked questions
When does Dharmender Kumar's resignation take effect?
The resignation is effective from the close of business hours on 21 October 2026. The filing is time-stamped 21 October 2026 at 19:00 hrs IST.
Why is he leaving Max Estates?
The company said he is pursuing a new professional opportunity. The full reasons are set out in annexures attached to the filing.
Who will replace him?
As of 23 October 2026, the company has not named a successor or an interim arrangement.
Does the resignation affect Max One or Estate 105?
The company's filing on the GST notice states there is no current impact on its operations. The resignation announcement itself does not set out any change to project plans.
What is the GST notice about?
The company disclosed on 8 October 2026 a show-cause notice dated 26 September 2026 from Uttar Pradesh tax authorities, proposing a combined demand of Rs 2.59 crore for FY23.